Canada employment dropped -43k, unemployment rate dropped to 4.9%

Canada employment dropped -43k, or -0.2% in June, much worse than expectation of 20k growth. Services-producing jobs dropped -76k while goods-producing jobs rose 33k. Unemployment rate dropped from 5.1% to 4.9%, below expectation of 5.1%. Participation rate dropped -0.4% to 64.9%. Total hours worked rose 1.3%. Average hourly waves rose 5.2% yoy. Full release here.

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